Television personal finance expert Martin Lewis has urged people to set up a Lasting Power of Attorney (LPA). He stressed that they provided crucial protection, not just for the elderly but for the young as well. Mr Lewis told viewers on his ITV show: “This is really important. A power of attorney is more important
The Law Society has warned that a move to electronic wills could lead to an increase in fraud. It says more research is needed before they are introduced. The concern was raised in the Society’s response to the Law Commission’s consultation on wills reform. The commission is consulting on the issue of electronic wills due
Chancellor Jeremy Hunt has rejected calls to reduce inheritance tax in his autumn statement. Instead, he has decided to leave rates and allowances at the same level as they have been for the last three years. Inheritance tax is set at 40% and becomes payable once the tax-free threshold of £325,000 has been passed. There
The Law Commission is seeking views on the possible introduction of electronic wills, which it says are now becoming feasible due to technological advances. It also wants to explore ways to deal with predatory marriages that exploit vulnerable people. During the Covid pandemic, several countries, including the UK, allowed paper wills to be witnessed virtually.
The unfortunate dispute that arose recently among Aretha Franklin’s sons illustrates what can happen when a person dies without having made a properly drafted will. The legendary soul singer died in 2018. At the time, it was thought she had not made a will, so her estate was divided equally between her four sons. However,
Surveys consistently show that only four out of ten people in the UK have made a will, despite the problems and heartache that could cause for their loved ones. Even the Covid pandemic didn’t inspire people to put their affairs in order. There was barely a 1% increase in the number of wills drawn up.
No one can predict what the future has in store so planning for unforeseen circumstances is an important aspect of personal and financial management. Lasting Powers of Attorney (LPAs) can be a major part of securing your future and creating that all important peace of mind. Here are some of the key points you may
The backlog for processing Lasting Power of Attorney (LPAs) applications is beginning to ease, according to figures provided by a government minister. There have been concerns that processing by the Office of the Public Guardian (OPG) has been taking too long, preventing families from being able to act on behalf of a vulnerable relative. A
Two leading experts in dementia research have been appointed to spearhead the national mission to tackle dementia, which was launched in memory of the late Dame Barbara Windsor. Hilary Evans is the Chief Executive of Alzheimer’s Research UK, the largest charitable funder of dementia research in Europe. Nadeem Sarwar is currently a senior leader at
Hundreds of thousands of people register Lasting Powers of Attorney each year and it isn’t hard to see why. Life expectancy has increased dramatically over the last 50 years meaning most of us can expect to live into our eighties and beyond. While that is undoubtedly good news, it does raise issues about how we